Castlegate, Penrith, CA11

For Sale - 'Salsa' Mexican Bar & Bistro

Successful town centre Mexican restaurant

Excellent reputation built up over 16 years

Going concern with full trade inventory

Guide price £80,000

BRIEF RESUME  

Robust business opportunity comprising 45 cover restaurant and bar held on a renewable lease. Premises includes ground floor and basement. Business provides “walk-in” fully staffed opportunity.

DESCRIPTION

1 Castle Gate is an attractive period building in Penrith’s Old Town conservation area just off Corn Market and therefore conveniently close to both the town centre and a broad range of local facilities. This is an ideal location within this popular market town and the property’s corner location is prominent with popular window seating.

Much of the trade inventory has been replaced including extraction system, kitchen equipment, flooring and bar. The premises offers the following accommodation.

ACCOMMODATION

Ground floor – Restaurant, bar, WC’s, kitchen, pot wash, preparation areas and dry store.

Basement – Walk-in cold stores and beer cellar.

THE BUSINESS

The restaurant is open every day serving food from 5pm until 9pm with the bar remaining open after service.

‘Salsa’ offers feature nights including cocktails and live music and also offers group bookings for customers events. Non-diners are welcome to use the bar.

The trade is underpinned by the patronage of regulars and extends to visitors both business and leisure.

The abridged accounts show a steady increase in turnover from 2020 to year end February 2023, trading flexibly during the Covid period by offering a takeaway service, during which period there was a reduced turnover and profit. The latest accounts show a turnover in excess of £340,000 with good profits. Accounts can be made available, usually following an inspection.

TENURE

The property is held on a lease of 7 years from 1st December 2020. The passing rent is £14,000 per annum exclusive set at the last rent review in April 2022.

There may be an option to purchase the freehold of the building from the landlord, by separate negotiation.

SERVICES

Recently upgraded 3 phase electricity, gas, water and drainage are connected. There is an integrated fire alarm system installed throughout the building.

RATEABLE VALUE

According to the Valuation Office Agency website, the property has a rateable value of £11,500.

EPC rating: C

PRICE

The business, including good will and a full trade inventory, is offered at £80,000.

VIEWING

Strictly by appointment with the Agents Edwin Thompson Property Services LLP.

Contact – Keswick Office

Ref: K3246570